Extending rental contract - need agent to get involved?

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  1. #1

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    Extending rental contract - need agent to get involved?

    My 2 year contract is up and the landlord and myself agreed to an extension. He wants to engage an agent because he says it's more convenient to have him involved for administrative purposes like stamp duty.

    Is it really that much hassle? And do I need to pay fee to the agent (I assume half a month's rent), or will typically only the landlord pay for a contract extension?


  2. #2

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    Agent

    If you involve the agent, you will have to pay his fees.You can negotiate, but you will have to pay
    Stamp duty is no hassle.You have to go to the revenue tower, wanchai. About 30-45 minutes ( may be less) pay the money. Collect the agreement few hours later or next day.


    Quote Originally Posted by Raccon:
    My 2 year contract is up and the landlord and myself agreed to an extension. He wants to engage an agent because he says it's more convenient to have him involved for administrative purposes like stamp duty.

    Is it really that much hassle? And do I need to pay fee to the agent (I assume half a month's rent), or will typically only the landlord pay for a contract extension?

  3. #3

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    It's dead easy to pay the stamp duty. A rental contract from a stationary shop costs around HK$4. Just copy the details from the old one. So, why not offer to your landlord to do the job of the agent at a discounted price?


  4. #4

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    Thanks for the responses and suggestions, I will discuss with the landlord.

    He hinted he wants to increase the rent, so I am not too keen on paying an agent, too, unless absolutely necessary (which doesn't seem to be the case).


  5. #5

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    If you have an eTax account you can also do eStamping - no need to go anywhere.


  6. #6

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    Turns out my landlord is selling, today a prospective buyer showed up. However she doesn't mind me staying, if we agree on the rent that is (in case she buys the place).

    Just wondering what happens if I agree with the landlord to an extension of the rental agreement beforehand - will the new owner be bound to that, or can he (legally) re-negotiate the rental agreement, and thus kick me out if I don't accept?


  7. #7

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    If you sign the rental agreement before sale, then the new buyer is bound to honour the lease agreement


  8. #8

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    Quote Originally Posted by Oldtimer:
    If you sign the rental agreement before sale, then the new buyer is bound to honour the lease agreement
    ONLY if the details of the new lease with its terms have been agreed by the purchaser, through their solicitor. Make sure if you do this that your landlords solicitor gives you confirmation.

  9. #9

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    Quote Originally Posted by Boris:
    ONLY if the details of the new lease with its terms have been agreed by the purchaser, through their solicitor. Make sure if you do this that your landlords solicitor gives you confirmation.
    If the tenant negotiates a new lease or extension of the existing lease with (old) landlord prior to the sale, then that new agreement and the associated benefits/obligations will get transferred to the new landlord.
    Why would the new landlord (or his/her) solicitor have to confirm anything?

  10. #10

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    I agree with beachball. If the tenant signs a binding agreement with the old landlord whilst he is still legally the landlord then it is binding on the new one. End of story. If the new one is unaware of the agreement then that is an issue between the old and new landlords, but nothing to do with the tenant.


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